Market demand describes the demand for a certain product as well as who is interested in acquiring it. This is determined by how keen individuals are to invest their money in a particular item or service. The price grows in lockstep with market demand. Prices fall when demand diminishes. Market demand is the total of what everyone in a certain industry wants, and it may assist businesses in developing an e-commerce site.

Types of market demands:

When doing market research, professionals divide market demand into seven groups. Learning about these sorts might help you prepare ahead for a product or service deployment. Here are some classifications and instances of various market demands:

Negative demand:

Economists describe negative demand as an instance in which good does not meet the firm’s expectations and instead is not goods or services that consumers desire or can afford. When this occurs, the company’s marketing campaign may be able to spread its effect, allowing more people to learn about the product. Businesses may increase demand by improving their advertising techniques, which show clients how the item might benefit them.

Negative demand may also be driven by the firm’s marketing strategy, which marketers may improve by launching branding efforts and asking feedback from customers on how to best serve them. Customer happiness and involvement have a positive influence on a company’s brand.

Healthcare is one of those services that are in short supply. Customers may choose to skip some services due to financial constraints, perceiving them as optional. As a result, companies are looking for innovative ways to offer healthcare or improve public opinion through the use of awareness initiatives.

Unhealthy demand:

Unhealthy demand arises when buyers require and can afford an item, yet it may be harmful to them. Businesses may help to protect their consumers by training them on how to properly use their products. Businesses can fulfil their obligations to produce items that better serve the public by adhering to safety regulations and government standards. Cigarettes are an example of an unwholesome commodity in high demand. As a result, companies routinely incorporate safeguards and give information about the health implications of cigarettes.

Non-existing demand:

Non-existent demand happens when customers do not intend to purchase any of a specific product. This might be due to customers’ limited expenditures or the arrival of new things. Companies may avoid this by undertaking thorough market research. Market research data may be utilised to personalise offerings for customers and to drive marketing strategy.

Initial phone models, which are still in production, are an example of a product with no apparent demand. Nowadays, consumers are more likely to acquire phones with advanced features.

Latent demand:

Latent demand is a situation in which people want a product that does not yet exist on the market. Technological advancements and advanced analytics technologies help in the prevention of such demand. Marketing teams may foresee trends and client wants by utilising a monitoring system that retains data on user activities such as online chats and transactions, which can aid in determining extra things they may require.

One example of unmet demand is renewable technology for consumer use. Although solar panels are becoming more readily available, many consumers’ affordability and geographic location prevent solar energy from being a feasible option.

Declining demand:

The decline occurs when a customer’s demand or requirement for a product progressively declines over time. Businesses can meet this type of demand by improving their products and staying current on market trends. A great strategy is to use customer feedback to manufacture items that meet market demand.

One example of declining demand is music CDs. To accommodate client demand, the music industry and technology companies have developed digital services and the ability to play music from devices such as mobile phones.

Irregular demand:

In economics, inconsistent demand occurs when a consumer’s spending power, interest in, and need for a product or service fluctuates. Although corporations may find it challenging to forecast changes in customer demand, experts may fulfil this sort of demand by modifying their market strategy. Marketing and customer acquisition tactics are part of the market strategy. Changes to these strategies can assist businesses in responding to shifting customer preferences while also creating their brand and extending their client base.

Seasonal goods, such as Christmas decorations, have erratic demand. Because consumers may not require particular commodities when they are not in season, firms must devise tactics to sell enough products at peak seasons to achieve objectives.

Full demand:

Full demand is great for businesses since it indicates that their supply is commensurate to their consumption. This implies that people are acquiring goods and services at the same pace as they become available. Businesses achieve maximum demand by analysing their target demography and designing a marketing strategy that connects and engages with their target audience.

Acts such as performances, films, or concerts, which routinely sell out as seats become available, are examples of high demand. Artists and managers build demand by offering a service that people want to utilise.

Methods to determine demand:

1) SEO tools: SEO tools can analyse user searches and forecast website traffic. This data may be utilised to determine what individuals are interested in. Businesses may use search optimization tools to input keywords that include their trademark or product and receive data on how frequently such phrases appear in searches, which can help them predict client demand.

2) Social listening skills: Social listening tools are types of software that monitor user behaviour on social media sites all over the internet to discover what consumers are talking about. A firm may utilise social listening technology to watch when their brand, product, or rival is referenced or interacts with on the internet. This assists businesses in determining which demography of people to sell to and where to market their goods or services.

3) Demand curve: The demand curve depicts the relationship between a product’s demand and price. A corporation can use the demand curve to compute product prices based on customer reactions to similar things. The demand curve is a forecasting technique for projecting demand for other things in the same marketplace since it shows client desires.

When you have the correct tools, tracking company spending becomes a lot less painful. These tools will assist you in making tracking company spending a regular habit. As a small company owner, this will allow you to keep a closer watch on how much you’re spending. Furthermore, greater expense management will enhance profitability.

Monitoring your company spending also simplifies tax season because many expenses may be reported as write-offs. If you keep track of your spending on a regular basis, you are less likely to overlook potential deductions. This implies you’ll have to pay less in taxes (or get more back).

1) Business account:

Self-employed people and small firms may discover that the distinction between personal and company funds is hazy. When it comes time to file your taxes, you may find yourself searching for business costs amid your groceries and apparel purchases.

Open business bank accounts to keep track of all business-related spending. Then, for all company purchases, utilise your business accounts. Using a budget tracker makes it easier to organise your finances, giving you more time to focus on the essential things.

It’s also a good idea to charge your company costs to a credit card that offers generous rewards. Some credit cards provide cashback on expenditures. Others allow you to accumulate and earn rewards for travel and accommodation. Forbes has compiled a list of some of the top business credit cards.

When feasible, experts advise avoiding the use of cash. Cash is too simple to spend, difficult to manage, which only has a receipt as a record, as opposed to a digital transaction, which has a record in your bank account as well as a receipt. Using debit and credit for transactions is beneficial for a business, better for tax purposes, and certainly much better when you are audited.

2) Save the receipts:

Here are some ideas for keeping your receipts organised:

For professional paper receipts, maintain a separate folder. If you can’t commit to organising the receipts on a regular basis, take some time once a week to do it. Prepare one per month at the start of the year and organise your receipts accordingly. With a separate file folder for each type – personal, business, etc. – recording receipts will be much simpler. Don’t forget to put the objective of your payment on the receipts. It’s a good idea to retain a thorough company calendar on either Google or Outlook as a backup.

3) Maintain a spreadsheet:

This option is appropriate if you want a low-tech approach to managing your spending or if your organisation is just getting started. However, when your firm expands, you’ll want to utilise a more complex tracking approach. One approach is cloud accounting software, which is discussed more in the next section.

Rather than using automatic expenditure trackers, creating your spreadsheet from start entails manually keeping a count of every expense you incur during the day. You’ll need to create your groups and organise them into different columns.

Spreadsheets are very simple to load into accounting software for bulk expenditure entry. Most accounting software will work with Excel or Google Sheets.

4) Cloud accounting software:

According to Accountex, by 2020, more than 90% of small firms will be using cloud accounting software. Owners desire to access their financial information on their cell phones, which is one of the main reasons for this high adoption rate.

Utilising bookkeeping/accounting software on the move is an appealing feature for active businessmen who may not be able to go into the office on a regular basis. You may access a network connection with the touch of a finger when using mobile cost tracking. Cloud accounting software also allows small company owners to enter costs while on the road, whether they’re on their way to a conference or meeting with a customer.

This software also links to the bank account and credit card, allowing you to quickly and regularly update your spending. This is a compelling argument to choose transactions online over cash transactions. Rather than having to print out invoices and memorise every purchase you make during the day, a good cost tracking tool will just record the crucial facts for you, allowing you to focus on the greater picture.

If you are ever audited, your tax documents will be more secure. Spreadsheets may be lost if your computer crashes. Paper receipts might be misplaced. Accounting data kept on the cloud, on the other hand, maintain all of your records in one secure location.

5) Maintain an Invoice template:

Create an invoice template, either in your accounting program or by downloading one online. Most service-based small businesses provide credit, which means they issue an invoice when a job is completed and allow the client to pay later.

Payment conditions must be specified on each invoice. This should contain your contact information, how to pay you, and when the invoice is due—a decent rule of thumb is 30 days after mailing the invoice. Payment processing information guarantees that no errors occur along the route and that funds are correctly deposited into your account. Setting up payment conditions ensures that you get paid on time and makes it obvious when you should be paid.

It is most important to develop fiscal prudence as a basic organisational value. Symbolic decisions you make or allow as a business owner will permeate your company’s culture. Sure, you may buy that flashy automobile or fly first class on the company’s cash, but keep in mind that your team is always following your lead.

Make an annual or semi-annual review of all your main vendors a normal procedure in your organisation. Also, make sure that any automatically renewing contracts are flagged so that they appear for evaluation and rebidding sixty to 90 days before their renewal.

Adoption and adaptation to digital is no longer an option in companies. Companies must begin and advance their digitalization in order to remain profitable and relevant. Many firms are concerned that they have already lagged. In fact, digital speed may be up to five times quicker than typical business speed, and that speed is critical to being a leader.

Adapting to the disruption of operations and business networks has been critical, and most organisations have increased their efforts to address this unexpected upheaval. According to Dell’s Digital Transformation Index 2020, which questioned over 4000 company executives worldwide, eight out of ten organisations accelerated their digital transformation programmes in 2020. Furthermore, 89 per cent of respondents stated the pandemic underscored the need for a more flexible and scalable IT architecture.

Here are the top 5 reasons why the digital revolution is critical for every company that wants to expand and stay competitive in today’s digital-first environment.

1) Meeting high demands:

Today’s consumer, whether internal or external, deserves the same level of service in a professional setting as they do with technology in their personal life. However, for a firm, this might be difficult to do. There have never been more options for how and where to offer apps, as well as who to work within the delivery of services.

Businesses are rapidly demanding more agile hybrid IT services and agile networking capabilities, and delivering a positive user experience is a vital component of business transformation. This encompasses the experience of working with the IT staff and technologies, as well as the usability of applications for workers or external clients.

2) Making it easier for employees to be more productive:

Workforce involvement is a popular subject, particularly when combined with a scattered population that will never return to the office in its entirety. Employers are seeking innovative methods to boost productivity, and digital technology is playing an important role in assisting employees to become more productive in their core duties both in and out of the workplace.

Digital transformation offers a significant opportunity for basic company departments like finance and human resources to shift away from manual procedures and automate essential areas such as payroll, allowing executives to focus on larger business prospects.

The network’s role in fostering innovation – by allowing remote working and giving on-demand access to technology and services – is crucial to establishing an atmosphere that facilitates people to succeed.

3) Security at priority:

One of the most difficult challenges is figuring out how to deploy more information at the network’s edge while maintaining that data safe. This is an exceedingly challenging undertaking that necessitates stringent controls over accessibility, information adherence, and threat mitigation. Even the most strict security measures, however, are rendered ineffective if an underperforming network encourages employees to seek flexibility or better speeds elsewhere.

Forward-thinking firms must create a security plan that is uniform across all networks, apps, and data, regardless of the services or providers employed.

Up-to-date safety safeguards are especially important as we transition from pandemic-enforced distant working to blended working arrangements that incorporate people’ diverse lifestyle preferences. Administrators will need to strike a balance between security strategies that work for in-office people and measures that keep remote workers secure on private networks and devices.

To ensure that the benefits of digital transformation are truly transformative, companys should collaborate with both services and technology partners who understand the bigger corporate goals and can work regardless and honestly to achieve organisational objectives.

4) Strengthen partnerships:

Customer demand is increasing, and competition within industries is fierce. Firms are becoming increasingly reliant on one another, cooperating with distributors and retailers, contractors and professional advisors to deliver a diverse selection of popular commodities.

Coordination between various parties typically demands document-based communication, which has traditionally been regarded as a time-consuming hindrance to efficiency. The system, on the other hand, is incredibly efficient in rethinking this procedure. The use of an eSignature system can result in a more visible, rapid, and dependable workflow. By bridging the gap to mobile technology, can even help workers be more effective and productive on a regular basis.

When it comes to internal business changes, more visible business needs often take precedence, especially when IT departments become increasingly stretched and funding becomes limited. This, however, is a common misperception.

Businesses may stay ahead of the competition and become more accessible to potential partners by building a digital process early on and integrating it with the rest of the organisation. Internal procedures may be more effective and versatile, allowing them to scale as the company grows. Over time, digital transformation produces tools for saving time and resources, as well as increasing corporate partnerships.

5) Updates skill sets and knowledge:

As new technology advances, the demand for these specific talents will increase.

As per a report by Altimeter, 31% of organisations lack technological talent and experience within their staff and executives. Many businesses, paralysed by fear of change, see digital transformation as a huge expense rather than a wise investment.

Businesses that take on the challenge of change allow their staff to build skills for the future while also providing their company with the in-house knowledge needed to sustain development and a winning mentality in the digital era.

Businesses are being reinvented and distinctive competitive benefits are being captured as a result of digitalization, yet organisations are still hesitant to replace their current business models. In recent years, many senior executives have used digital transformation as a type of catchphrase. According to a Gartner report, 79 per cent of corporate strategists said they are digitising their firms to generate new revenue streams. However, progress has been gradual, with less than half of organisations claiming to have migrated putting digital projects at the centre of their strategy.

Furthermore, current tools like Artificial Intelligence and cross-device connection enable businesses to automate product customization and even conduct activities remotely. In this manner, critical facilities are kept operational, and manufacturing systems are practically controlled.

Micro, small and medium enterprises (MSMEs) have a significant role to play in the growth of the economy and the future of our country. The MSME industry, which has been a key industry for a very long time, has been contributing immensely and there’s enough proof to substantiate this fact. As per recent statistics, MSMEs in India contributed to nearly 8% of the country’s GDP, around 45% of the manufacturing output, and approximately 40% of the country’s exports. And this is only a fragment of the entire contribution made by the industry which makes it pivotal for the Government of India and other private and public entities to support MSMEs in every way.

While those in the business are aware of the definition of an MSME and further aware of the benefits one can avail if registered as an MSME/SSI under MSME Act, it has been close to 14 years since that definition has changed. Ever since, business owners have been living in the fear of losing the title of an MSME and the myriad benefits that come with it, subject to growth of their existing business.

The need of the hour

In a crucial time like this when business owners were looking for a reform in the way an MSME is projected and avail more benefits, the AATMANIRBHAR BHARAT PACKAGE which was announced in the recent past, has been a welcome change. The Government, in the Ministry of Micro, Small and Medium Enterprises had issued a notification to bring a change in the MSME definition, in accordance with the Aatmanirbhar Bharat Package.

The new definition and criterion that have been notified and came into effect during the second half of the last year, is as follows:

The new definition

Guidelines for classification of MSMEs.

The definition of Micro manufacturing and services units was increased to Rs. 1 Crore of investment and Rs. 5 Crore of turnover. The limit of small unit was increased to Rs. 10 Crore of investment and Rs 50 Crore of turnover. Similarly, the limit of medium unit was increased to Rs. 50 Crore of investment and Rs. 250 Crore of turnover.

Revised MSME Classification

Revised MSME Classification
Sr. No.	Enterprises	Investment in and Turnover	Limit
(i)	A Micro Enterprises	Investment in plant and machinery or equipment; AND	does not exceed one crore rupees (<Rs. 1 crore)
		Turnover	does not exceed five crore rupees (<Rs. 5 crore)
(ii)	A Small Enterprise	Investment in plant and machinery or equipment; AND	does not exceed ten crore rupees (<Rs. 10 crore)
		Turnover	does not exceed fifty crore rupees (<Rs. 50 crore)
(iii)	a Medium Enterprise	Investment in plant and machinery or equipment; AND	does not exceed fifty crore rupees (<Rs. 50 crore)
		Turnover	does not exceed two hundred and fifty crore rupees (<Rs. 250 crore)

Guidelines for registration.

In the context of registration for MSMEs, as per the said notification, an MSME will now be known as ‘Udyam’, and the registration process will be known as ‘Udyam Registration’.

Any person who intends to establish a micro, small or medium enterprise may file Udyam Registration online and upon registration, an enterprise will be assigned a permanent identity number to be known as “Udyam Registration Number”. Thereafter, an e-certificate, namely, “Udyam Registration Certificate” shall be issued on completion of the registration process.

New registration process

1. The requisite form shall be provided in the Udyam Registration Portal, for which there will be no fee.

2. It is necessary for a person to have Aadhaar Number for Udaym Registration. The Aadhaar number shall be of the proprietor in the case of a proprietorship firm and of the managing partner in the case of a partnership firm and of a Karta in the case of a Hindu Undivided Family (HUF).

3. In case of a Company or a Limited Liability Partnership or a Cooperative Society or a Society or a Trust, the organisation or its authorised signatory shall provide its GSTIN and PAN along with its Aadhaar number.

4. It is to be noted that no enterprise shall file more than one Udyam Registration. Any number of activities including manufacturing or service or both may be specified or
added in one Udyam Registration.

Registration of Existing Enterprises

1. All existing registered under EM-Part-II or UAM shall register again on the Udyam Registration portal on or after 1st July, 2020.

2. All enterprises registered till 30th June 2020, shall be re-classified in accordance with this notification.

3. The existing enterprises registered prior to 30th June 2020 shall continue to be valid only for a period upto the 31st March 2021.

4. An enterprise registered with any other organization under the Ministry of Micro, Small and Medium Enterprises shall register itself under Udyam Registration.

The announcement of the new classification and registration of MSMEs by the Government of India is a step into the right direction toward growth and development. The new guidelines and benefits will ensure MSMEs are equipped and this will catapult their performance and profits. Initiatives like these is what we need to ensure growth as individual businesses, as a sector and as an economy. It’s time to #Growkaro with such initiatives including the Walmart Vriddhi Training Program, a FREE online training program for MSMEs in association with two of the leading e-commence giants at a global level – Flipkart and Walmart, that helps MSMEs go digital and grow exponentially.

India has one of the largest ecosystems for startups, but the trend shows that about 80-90% of the startups fail according to an IBM study. According to the Startup India program, around 27,000 startups registered under the program till 2020. Almost all of the reasons why Indian businesses fail early are connected to innovation and leadership: inadequate business models, bad planning, flawed consumer insights, or a lack of unique ideas.

Let us look into some of the startups that failed in India within the 5 years of their inception and understand what the reasons were behind their folding up.

1) Cogxio: An online dating site that allows users to find others who share their interests and then meet and chat in person. DateIITians (former name) was founded in 2011 by Kinshuk Bairagi and Layak Singh. Within three months, the site claimed to have had five million hits and had over 10,000 verified users.
However, they were unable to gather finances and build things up.
The duo then decided to launch Cogxio. The plan was to employ location information to turn online dates into actual dates. Cogxio has just about 12,000 registered users a year after its introduction. Despite this, the company went out of business in 2016.

Why did the startup fail?

• The product put forward failed to provide the needs of the market. Online dating was a very unknown concept for Indians and didn’t gain much attention. The expectations did not match in terms of growth because they didn’t put in much funding towards marketing. All the funding went towards the development of the product.
• It took some time to get to the point where it could be launched as an Android app and go live on mobile. As a result, the app’s accessibility was severely limited.

2) Just Buy live: Just Buy Live gave clients access to a diverse choice of brands using simplified technology, boosting their purchasing experience. Alpha Capital provided $20 million in Series A investment to the startup in January 2016. Following that, Ali Cloud Investment invested $100 million in a Series B fundraising round. Despite large fundraising rounds into a B2B e-commerce firm, they shut down operations nine months after raising $100 million.

Why did the startup fail?

• The traditional B2B supply model is built on credit. Following that, the company ventured into Religare to give merchants with non-secured credit on a 30-day return policy when ordering things through their online platform. Due to the impact of demonetization, several merchants did not pay back Religare, and Just Buy was forced to settle the remaining debts.
• One of the biggest startup business mistakes is the absence of an effective business model can lead to a lot of factors eating into the finances and make it difficult to acquire customers.

3) Task bob: Task bob provided consumers with immediate, high-quality residential services while increasing servicemen’s efficiency. They were attempting to address three of the most vexing aspects of any residential service model: time efficiency, quality, and pricing transparency.
The Mumbai-based startup raised a total of $ 5.8 million in three investment rounds. Following the investment, the firm shifted its focus to acquisitions to strengthen its position. They purchased Zepper, a Bangalore-based firm with a service objective similar to Taskbob. The firm finally ceased operations in 2017.

Why did the startup fail?

• Because the firm charged a small fee on orders, profit margins were poor.
• If the service is not of quality, it leaves a bad impression in the minds of the consumers. Customers were dissatisfied with the services they received, resulting in a decrease in order frequency.

4) Peppertap: Pepper tap, founded by Milind Sharma and Navneet Singh, is a platform allowing individuals to acquire grocery products online at a lower cost. Furthermore, the business assures that the order will be delivered to the customer’s home within 2 hours.
Over four rounds of fundraising, the firm raised a total of $51.2 million. Unfortunately, PepperTap declared its closure in April 2016.

Why did the startup fail?

• PepperTap invested a lot of money to get clients. The main cause behind PepperTap was its unrestricted marketing spending. Due to large discounts, the firm was losing money on every purchase, with no prospects of future profitability.
• The PepperTap “zero inventory owned” strategy was another cause for the demise. They just gathered grocery store inventory and then updated their offerings. The product experienced inventory issues as a result of unpredictable supply, and many orders had to be rejected.

5) Zeb Pay: Zeb pay acted as a platform for people to acquire cryptocurrencies like Bitcoin, ethereum, etc.

Why did the startup fail?

• In 2018, the RBI ordered all government-regulated exchange platforms and banks to cease trading with cryptocurrency-related entities and to prohibit such transactions. This made transactional work difficult for the corporation, its investors and its consumers.
• Legal regulations and complexities like demonetization have directly affected the inception of startups that have caused cash crunch and directly affected the finances of the startup.

6) Card Back: CardBack, founded by Nidhi Gurnani and Nikhil Wason, allows credit, debit, and prepaid cardholders to access all offers and incentives on their cards without disclosing any critical information.
During its five-year journey, the firm raised $170,000. Cardback, for example, is backed by famous angel investors such as Rajan Anandan, Sunil Kalra, and Alok Mittal.

Why did the startup fail?

• In 2017, the Indian market was not mature enough because the majority of individuals in the nation did not have numerous credit cards. The firm needed large resources of investors willing to spend money educating customers about product safety and security.
• They even attempted to relocate its headquarters to Singapore, a country with a multi-credit card culture. However, the plans collapsed owing to a disagreement with a major investor.

The majority of the mistakes that caused start-ups to fail are frequently the consequence of a lack of knowledge about the industry, as well as the financial requirements and setup. Entrepreneurs must learn about prospects and make relationships in order to run a viable business. There are other free courses available, such as the Walmart Vriddhi programme, which assists entrepreneurs in learning as well as providing tools that they may utilise to maintain a sustainable business.

Human resource development (HRD) refers to the broad area of coaching and development offered by firms to improve their employees’ expertise, abilities, and talents. Training and development in many firms begin with the employment of a new hire and extends throughout that individual’s stay with the organisation.

Many personnel enter a company with just rudimentary training and expertise and require training to accomplish their jobs. Some may already have the essential abilities to complete the job, but lack understanding of that specific company. HR development is intended to provide employees with the knowledge they need to adapt to the culture of their firm and accomplish their job efficiently.

Purpose of Human resource development:

In some aspects, human resource development may be compared to how a trainer perceives his sports team. While a trainer may bring in players who only have some talent and ability, the goal of practise is to enhance existing talents and capabilities and help athletes become even better athletes.

The purpose of HR development is the same: to produce better workers. The goal of HR development is to give the ‘instruction’ required to reinforce and expand an employee’s existing knowledge, skills, and talents. The purpose of training and development programmes is to improve employees’ abilities.

Benefits of Human resource development:

One of the things that employees seek when looking for a job is the ability to learn on the job. Providing employees with the ability and desire to continue growing their skills can aid in employee retention and inspiration. Employees who think they have received adequate training and help are more likely to remain with the company.
Human resource development also enables the identification and training of employees for advancement, ensuring that your company’s management is competent and well-trained.

Finally, a well-trained workforce performs better, and when individuals flourish, the company thrives. As a consequence, human resource development ensures that an organization’s performance increases, enabling it to meet its goals.

How to create a Human Resource strategy?

While there is no “right” or “wrong” way to develop a successful HR strategy, there are a few best practices to follow. This is especially true if your goal is to establish an HR strategy that goes beyond ‘tactical’ in order to change your organisation and its people. Because company methods regularly vary in response to a variety of social, cultural, financial, and cultural developments, how companies manage HR strategy today may be quite different from how they handled it a year or two ago.

1) Adapt to business requirements:

A business plan specifies how a company will achieve its objectives and thrive in the long term. An HR strategy supplements this by establishing the internal infrastructure necessary to successfully empower its team members in order to achieve those objectives.

It is frequently necessary to have dedicated staff on the ground to maintain and cultivate such connections in order to provide an excellent client experience. To ensure that nothing falls through the cracks, especially at such a turbulent time, this company may want to align its HR strategy to place a greater emphasis on staff retention in order to minimise and, ideally, avoid any interruptions in the user experience.

This is just one example of how HR strategy can be a true partner to growth strategy, and it emphasises how human resource planning can both inspire and influence an organization’s overall performance. That is when the HR strategy is well aligned with the overall goals of the company.

2) Identify and set a goal:

As with any goal or purpose, merely developing a strategy is only half the battle. By any measure of the imagination, it is not a straightforward task. In reality, everything you do has to create cumulative success until you reach, if not exceed, your stated objectives.

Once you’ve defined what progress looks like, you must establish how you’ll finally evaluate whether or not you’ve met your HR objectives. This simply refers to setting key performance indicators (KPIs) and routinely tracking success against them throughout the year.

To avoid becoming overwhelmed by what may appear to be massive strategic difficulties ahead, it may be prudent to divide the strategy into more manageable chunks, such as quarterly or annual strategic plans. This will also build a best practice of allocating time on a monthly or quarterly basis to revisit the goals, update the KPIs with the most recent measures, analyse what’s working, and course-correct as needed.

3) Emphasis on communication:

Even if you’ve taken the necessary steps to align the HR strategy with the larger aims of the company, you still need the support and approval of key stakeholders and other company colleagues throughout the organisation. After all, human resources is a support system for all divisions inside a company. How you reach your strategic goals will be heavily dependent on every area being an active participant in that endeavour.

In other words, collaborate with partners to identify priorities, determine what’s truly necessary or achievable in the coming year, and then outline a clear path to achieving those goals, as well as the KPIs you’ll use to measure performance toward specific goals.

Although human resource planning is commonly seen as a top-down responsibility, the fact is that it cannot be completely deployed without buy-in from the leaders and teams who will eventually be accountable for assisting HR in turning the plan into reality. Sure, everyone in a business may agree on the broad goals established by the HR strategy in theory, but various departments may have different approaches to achieving those goals. Deploying an HR strategy throughout a business necessitates an apples-to-apples implementation across every department and team.

Companies with great HR strategy:

• Google is known for its dynamic culture, which is focused on ensuring the long-term success and contentment of its employees. And it has certainly done so, providing its employees all over the world with a structure and culture that includes cafés, sports facilities, health services, and other benefits, making it one of the most wanted places to work.
• Nissan’s overall culture, which is based on the principle of Kaizen, encourages its employees to continue to innovate, develop their talents, and have a significant benefit to the organisation. This is the foundation of the company’s HR approach.
• Cadbury is recognised for its profound devotion to its employees and their families. In truth, Cadbury’s HR approach is straightforward: it prioritises its people above all else, earning it one of the world’s most devoted workforces. What distinguishes Cadbury from the competition is that, from its inception in 1824, the business has kept its worker village and R&D plants.

If you’re establishing a small business, one of the most important factors in its success is how well you promote it. Marketing draws prospects, who convert into buyers, who generate profit. However, marketing entails more than simply publicising your company’s name.

This notion is more important than ever now when customers are faced with advertisements everywhere and businesses are supposed to be sensitive and responsive. Once your business is up and running, it’s essential to begin attracting traffic and completing transactions. Whether you’re just starting or have been in the company for a while, it’s always a good idea to learn how to promote your business.
Some of the marketing techniques that can be used in small businesses are:

1) Market research:

• Start creating a marketing plan with market research.
• Define the product and the target audience.
• Define the specific properties of the product or service and create a Unique Selling Proposition(USP).

Positioning strategy: A positioning strategy, also known as market positioning, defines how you will differentiate the image of your company or service from rivals. Developing a brand or product identity impacts your consumers’ perception in very particular, strategic, and artistic ways.

2) MSME marketing materials and resources:

• Create or edit your business cards to connect with the people.
• Consider creating a pamphlet or brochure if it will assist spread the news in your sector.
• Create a website, whether it’s a modest landing page or a multi-faceted online experience.
• Get inventive with promotional materials and give them out at the next trade fair or socializing event you participate in. Give away things that people tend to use. For example, doctors are given personalised prescription pads that they can use.

3) In-Person networking:

• Expose yourself to other local company owners or attend a professional networking organisation in your niche.
• Arrange for a local business workshop.
• Become a member of your local community to market for your small business.

4) Direct mail campaigns:

• You could do direct mail or collaborate with some company with a delivery service and send in a sample item or an offer for your services.
• On every direct mail item, include a clear and attractive call to action.
• Use rip cards, fillers, props, and eye-catching envelopes to make your shipments stand out.
• Send freebies and other rewards to previous clients in order to reclaim their business.

5) Advertise:

• Advertise in a newspaper that your target audience reads.
• Purchase a billboard.
• Place an advertisement in your local newspaper and cable TV station.
• Purchase advertising space on a relevant website.
• Advertise your promotions using a sidewalk sign.

6) Social media marketing:

• Make a Facebook page for your company and create a custom URL or username for your Facebook page.
• Set up a Twitter account and begin following professionals and influencers. Repost, retweet, or remark on other people’s accounts.
• Investigate lesser-known or specialised networks such as Pinterest, Reddit, and Tumblr.
• Create a LinkedIn profile for yourself and your company.
• Create an Instagram account and build a visually appealing style.
• Managing all the social media accounts might seem hectic. Hire professional social media marketers to help with all the accounts and time the uploads.

Facebook has billions of users and offers highly targeted options for running sponsored adverts as an advertising tool. Facebook Custom Audiences, in particular, is a powerful tool for marketing a product.

Facebook Custom Audiences is a good strategy for small and medium enterprises to gain online visitors or subscribers. These advertisements are frequently highly successful since you know more about who you’re addressing and may adapt your ad accordingly.

7) Internet marketing:

• Make a content calendar for your blog and social media posts.
• Make sure you use SEO to optimise your website and other online material.
• Begin a pay-per-click (PPC) campaign with Google Ads or Facebook Ads.
• Reach out to social media influencers for promoting posts in order to reach potential audiences.

Search engine optimisation: A successful search strategy entails several processes, including developing a keyword strategy, undertaking more detailed keyword research, optimising the site layout and speed, and creating connections back to your website.

8) Email marketing:

• Generate a unique opt-in form for your website or blog.
• Provide a free download or free present to attract folks to give you their email address.
• Send out frequent emails to your list or begin a regular monthly email newsletter.
• Use A/B testing to analyse the performance of your email marketing, and consider dividing it up the list to specifically fit the preferences of your markets.

9) Relationship building:

• Send out a survey to assess consumer experience.
• Request references and make a recommendation.
• Collaborate with other local companies to advertise your products and services.
• Become a member of a professional group.
• Prepare Christmas presents for your most loyal consumers.
• Send birthday cards or emails to your customers.
• Make branded prizes available for local fundraisers.

10) Incentives and rewards:

• Begin a competition.
• Create a rewards scheme for “frequent buyers.”
• Launch a customer appreciation or brand ambassador programme.
• Establish a monthly customer of the month programme.
• Provide a free sample and provide a coupon.
• Begin an affiliate marketing scheme.

First, you may be receiving ineffective traffic, which suggests that you should reconsider your ideal client definition and adapt your campaign to attract online clients who are more likely to make a purchase. Furthermore, your business may not be optimised for conversions, making it tough for online customers to place orders. In this case, look at your analytics to discover where visitors tend to depart and improve that page to provide a better user experience.

The amount of time you spend marketing your things, getting to know your customers, and then refining your campaigns to better relate to them is proportional to the percentage of sales you get on your store. To avoid overpaying for marketing and sales, we recommend beginning with at least three advertising tactics, assessing outcomes, and then moving on to the next.

Most financial institutions believe that for business-to-consumer enterprises, spending approximately 5 percent to 10 percent of your sales on marketing is a safe range. But it depends upon the type of the business. When you first start, you’ll have to pay for expenses before you start making money, and it may take some time to fine-tune your marketing plan. However, most financial experts say that a return on investment (ROI) of 15% to 30% is desirable for small enterprises.

COVID-19 has had a significant influence on the worldwide business environment. Tough safeguards have been put in place, and forced isolation has made it impossible for brick-and-mortar establishments to operate. Businesses in all industries are having a difficult time. However, actual retailers, or brick-and-mortar companies, are suffering the most. With good cause, a substantial number of offline businesses are shifting to the internet.

While many companies are going online, some are still struggling to find solutions. How would going online benefit you? What are the long-term advantages? Where do I begin?

Toll on MSMEs in India:

Covid-related stress has taken a severe toll on MSMEs, particularly micro and small firms in a variety of industries. Indeed, a number of such businesses, including restaurants, supermarkets, beauty salons, pharmacy shops, Kirana stores, logistics service providers, manufacturers, and others, have been trying to sell themselves as a result of numerous obstacles since Covid’s strike last year. According to a number of such micro-enterprises Financial Express Online spoke with, the causes ranged from finance and supply chain challenges to relocation, new company launch, competition, lack of consumers, and more. A Chennai-based air freshener producer is likewise trying to sell his company and pursue other options that require less offline or physical infrastructure.

According to SMERGERS statistics on MSME purchasing and selling, 52,000 of the total 1.65 lakh firms advertised for sale came onboard beginning April 1, 2020, with 7,000 being confirmed or authorised listings. In reality, before Covid, the daily average of firms listed for sale was 10, which jumped to 20 before the second wave and is now approaching 25.

Small establishments are battling with manpower, physical, and digital resources. They intend to either go online or employ inferior third-party service providers. Nobody knows exactly when the pandemic will finish. Until then, these firms must take their online presence seriously and work on making it effective by embracing cutting-edge technology. Look at it this way: the shift from offline to online can be extremely advantageous even after the pandemic is over since customer expectations will soar following COVID-19.

Elements for transitioning from offline to online:

Data management: If your consumer data is held in many locations, you must first examine your data. Determine how much info is genuine, valuable, and correct. Utilise this information to improve the consumer experience and keep them coming back.

Customer profiles, CRM: Collect data in your CRM system to aid in future marketing actions such as targeted offers. This type of rich data may also be used in automation and AI-powered operations. This data may also be used to construct customer profiles, which will aid in understanding the consumers and analysing their behaviours, trends, and patterns. Create segments for various clients and provide them with appropriate offers.

Technology integration: Because there are various touchpoints in an omnichannel organisation, shifting from offline to online might be straightforward or difficult. It is critical to comprehend the systems and solutions at hand. You must guarantee that the interactions between apps are protected and that the data is protected.

Touchless commerce: Touchless commerce is a new technique to service consumers that eliminates or virtualizes all human touch points along the customer process. Smartphones, for example, may be used to search for, assess, and pick things, as well as make purchases. The procedure makes use of robotics and automation. Very little human participation is required, particularly during automated drop-offs or pick-ups at certain locations. This eliminates any human touch at the time of delivery.

Payment integration: Offline companies receive cash payments from clients. After making the switch from offline to online, you should consider taking payments using a merchant account (to take credit card payments online) or integrating a payment gateway to manage the gateway and procedure. Payment gateways also offer different payment options, as well as customer service and fraud prevention.

Security: Cyber risks, financial assaults, and privacy issues are major problems for internet enterprises. When moving from offline to online, you must verify that the information obtained and the financial processes are safe. Customers may lose faith in your organisation and products/services if there is a lack of security.

Ways to go offline for small businesses:

Third-party commerce platforms: To establish an online business, you must first construct a website, then choose items, ship them, and manage payment choices. When you have an e-commerce platform in place, you may connect dependable and feature-rich third-party e-commerce systems to increase your income. Some BigCommerce platforms help small businesses struggling to start their business, the transition from offline to online and enhance the existing business with their core solutions.

Walmart-owned Flipkart, which launched BBD on Friday, has collaborated with over 100 brands and 2000 fashion outlets to enable them to display their retail offerings to neighbouring pin codes in over 300 locations.
On the first day, about half of Flipkart’s new clients were from Tier 3 cities. The spike from these areas may be linked to the e-EMI-based retailer’s ‘affordability’ items, which were introduced this year, with one out of every five sales in high-ticket segments like mobiles, furniture, major appliances, and electronics facilitated by an EMI structure.

Own a commerce portal: Set up servers, buy a domain, choose an e-commerce platform, build a website, configure payment and shipping methods, determine tax compliance, licence, website security software, plan marketing and SEO strategies, integrate omnichannel platforms, software, and strategies, and begin selling your products or services online.

The growing trajectory of e-commerce business:

Consumers’ preferences for purchasing items ranging from necessities to branded goods have shifted away from retail stores, supermarkets, and shopping malls and toward online portals.
As it is aptly said, even in the worst of circumstances, there is still hope for some. The viral outbreak was a watershed point in the Indian e-commerce business. According to one research, the Indian e-commerce business is predicted to reach $200 billion by 2026, up from $30 billion in 2017. Moving forward, the Indian E-commerce business is predicted to develop rapidly, surpassing the United States to become the world’s second-largest E-commerce market by 2034.

The diversity offered by India’s textile potential has crossed borders throughout time. India has a rich textile legacy, which ranges from fine, classic khadi and handicrafts to fabrics made in capital-intensive factories.
Today, India’s textile and clothing sector is characterised by transformational, changing markets, developing supply chains and distribution methods, and a push toward sustainable manufacturing. As the world’s second-biggest, this industry can more than treble its current 5% share of global commerce in the next five years.

A look into the history:

The nature of the global textile trade changed dramatically as a result of industrialization. In the late nineteenth century, thriving British companies were producing vast amounts of yarn and cloth at a low cost, both for domestic use and for export. With its huge population under the supervision of the British imperial government at the time, India was a tempting market for industrial enterprises. By the 1890s, the ensuing flow of foreign fabric entering India was increasingly viewed as a danger to the country’s native textile industry. This caused widespread outrage and began a political movement to free India from British rule. Indian textiles were employed as protest and national identification symbols in the aftermath of enormous social turmoil and growing nationhood.

Clothes as a symbol of resistance:

The oppression of India’s economy by the British sparked the swadeshi movement in the 1890s. Swadeshi advised the country to reject foreign items in favour of Indian goods. In his appeal for swaraj, Mohandas Gandhi was motivated by the notion of self-reliance. Gandhi encouraged Indians to wear khadi, a hand-woven cloth made from hand-spun cotton. He felt that by doing so, he would be able to provide jobs for the common people and eliminate poverty. Indian nationalists chose khadi fabric as a symbol of rebellion in 1921, and the spinning wheel was included in the layout of the flag.

After India gained independence from British control in 1947, the new government prioritised modernization, and textile manufacturers were forced to adapt to increasingly metropolitan conditions. They honed their abilities throughout the years to secure their continuing artistic, financial, and international relevance.

Current Global overview:

The worldwide clothing business is currently worth over $ 1.9 trillion and is predicted to expand to more than $ 2.6 trillion by 2025. The worldwide demand for clothes is expected to expand at a five percent compound annual growth rate (CAGR). Among the world’s top five clothing markets, India and China are expected to expand at a stable CAGR of 12% and 10%, respectively, compared to a worldwide total of 5% during the next few years. China is largely predicted to surpass Japan to be the world’s largest clothing consumer by 2025, with a total worth $450 billion, while India will beat Japan to hold the fourth place on this list, with a marketplace worth more than $ 160 billion.

The textile sector in India employs around 4.5 crore people, including 35.22 lakh handloom professionals. In 2018-19, the sector provided 7% of total industry production (by value). In 2018-19, the Indian textiles and clothing sector contributed 2% to GDP, 12% to export revenues, and 5% to global fabrics and garment trade. Textile exports were US$ 22.89 billion during April and October 2021.

Domestic overview:

Cotton output is predicted to reach 37.10 million bales, with consumption reaching 114 million bales in FY21, representing a 13% increase over the previous year.
In FY20, India’s raw cotton manufacturing is expected to hit 35.4 million bales. During FY19, India’s fibre output stood at 1.44 million tonnes, rising to 2.40 million tonnes in FY21, whereas yarn manufacturing stood at 4,762 million kgs over the same time. Even during the pandemic, India’s domestic textile exports increased at a steady 9 percent in FY21.

Advantages in India:

India is a fast-rising industrial economy with abundant vital resources (land, fuel, water, and labour), as well as a favourable regulatory environment for the textile and garment sectors to prosper. To attain higher growth rates than in the past, the MSMEs in the textile industry may leverage its strengths of a big raw material base, vast production infrastructure, huge manpower, and involvement at all stages of the production chain.

Expanding markets in India:

Over the previous decade, the Indian domestic market has outperformed the world’s major consuming areas, including the United States, the European Union, and Japan. Aside from rising consumer wealth in India, the industry is being propelled forward by the following key drivers:

• Indian consumers are altering their purchasing habits from need-based to aspiration-based. By 2030, 40% of the Indian population is predicted to live in cities, up from 21% in 2011.
• India is predicted to be the fastest expanding e-commerce market in the world.
• Increasing female labour-force participation.
• Growing worldwide brand and store presence, as well as the creation of new market segments.

Government initiatives:

The Indian government has enacted a number of export development programs for the textile industry. It has also permitted 100% FDI in the sector via the automated approach. The Rs. 10,683 crores PLI plan is projected to provide a significant boost to textile makers. The concept seeks to reward MMF (man-made fibre) garments, MMF fabrics, and ten categories of Technical Textiles goods.

Because the majority of textile businesses are MSME, the synthetic fibre textile sector will also benefit greatly. Higher thresholds will now cover more units, providing a significant boost to manufactured fibre textile manufacturing, local supply, and exports. Aside from that, spinning and weaving units which represent the MSME textile industry in India, will gain from this change.

The government also cleared a framework for integrating the other two MSMEs schemes, namely a Rs 20,000 crore package for troubled MSMEs and a Rs 50,000 crore equity injection via a fund of funds.

To make India a global industrial centre, the government has allocated a large chunk of stimulus measures to infrastructure expenditure, issuing $ 66 billion in highway contracts totalling around 50,000 kilometres to develop national roads and expressways. Initiatives in special economic zones, high-speed rail, and specialised freight routes are forcing India to undergo extraordinary reshaping. The National Infrastructure Pipeline (NIP) is a big move, with the government investing more than $1.4 trillion to develop world-class technology.

India is launching big steps to expand its technical textile sector. As a result of the pandemic, there is an increase in demand for technical textiles in the form of PPE suits and equipment.
Top players in the industry are achieving sustainability in their goods by producing textiles made from natural recyclable resources.
The MSME textile industry’s future is bright, driven by a robust domestic market as well as export demand. With rising consumerism and disposable money, the retail industry has expanded rapidly in the last decade, thanks to the arrival of major multinational businesses into the Indian market.
Increased discretionary income has resulted from rapid economic expansion. This has increased product demand, resulting in a massive domestic market.

In today’s innovation-hungry world, having just one great idea just isn’t enough. To that end, implementation and specialised business apps are required to make a significant difference.
For numerous years, investors have considered various sorts of startups as small companies. It was a serious issue since there is a major conceptual and organisational gap between a startup, a small business, and a huge corporation.

There are six basic sorts of companies into which entrepreneurs often venture. Add an easy-to-use business app to the mix, and you’ll greatly increase your growth opportunities. Here are six categories of startups that can profit greatly from a business app.

1) Small business:

Small businesses and start-ups might seem like the same thing and people tend to use one term for the other. Using the criteria outlined above, the typical startup has more in common with a mom-and-pop store than with Google or Apple.

Small business starts are unique. These companies, which range from sole proprietorships and partnerships to small groups, are content to remain so while they offer their wares and services.

And, while they want to grow, they do so at their rate. Such firms are frequently self-funded, which means there is less need to expand quickly or to cater to the urgent demands of investors.

• Preplaced: Preplaced is a firm that prepares college students and working people for interviews. They provide services to assist you to acquire an advantage in interviews.

2) Buyable startups: Businesses that are designed to be bought out

The idea is that small teams create a firm from the ground up and then sell it to a larger player in their field.

These startups are often related to software and technology. You’ve probably seen the news about tech behemoths like Amazon or Uber acquiring smaller firms. This type of merger and acquisition happens all the time.

Getting bought out looks like a pretty good bargain, doesn’t it? However, creating something valuable enough to be purchased for millions (or billions) of dollars is easier said than done.

Consider first that competition in any particular software business is really strong. In B2B SaaS alone, there are hundreds of companies to fight with. Keep in mind that companies do not have to be successful in order to be acquired (and many are not). This is a significant risk for investors, but it poses an even greater danger for business owners who are seeking to sell off a firm that is losing money.

• Simsim: Simsim is one such firm that springs to mind, which was purchased by digital giant Youtube in 2021. It is fairly typical these days to use influencers to help market a product. That is precisely what Simsim does. The organisation assists small businesses in flourishing in the e-commerce industry by leveraging influencers to get momentum.

3) Scalable startups: Companies looking for funding

The urge to scale is a common thread throughout all sorts of companies. This is true whether you’re a company with hundreds of workers or a couple operating out of your parent’s garage.

However, some startups are more easily scaled than others. Most consumer and commercial applications are instances of scalable startups: after they’ve generated awareness and a user base, it’s simpler to recruit new consumers.

Scalable businesses do this by fundraising coming from external investors. With their extra income, they can fund expansion activities in order to get more consumers and, eventually, attract the attention of those looking to buy them out.

However, certain firms can expand indefinitely without relying on a typical exit plan.

• Flipkart: Flipkart is one of India’s most recognised scalable companies. The e-commerce behemoth began as an online bookshop before diversifying into a variety of consumer goods. It is now India’s largest native e-commerce platform.

4) Offshoot startups:

Companies that are spin-offs of larger businesses Not all startups are created from the ground up. An offshoot is startups that split out from larger parent firms to become independent enterprises.

An offshoot firm, for example, maybe founded in order to enable a larger corporation to enter into new markets or destroy a weaker opponent. Because these startups function independently of their parent corporations, they are allowed to conduct business and explore without attracting undue attention or criticism.

• Glance: Consider Glance, an AI-based software firm held by InMobi, a tech firm and one of India’s first unicorn startups. Glance pushes customised information to your mobile home screen.

5) Social startups:

Startups are sometimes portrayed as expansion obsessed and money-hungry. Having said that, certain startups are purpose-built to accomplish good. Charities and nonprofits are examples of social startups that scale for the purpose of generosity. They function in the same way as any other startup, but with the assistance of funding and benefactors.

• Selco: This is a social entrepreneurship company that strives to identify the consumer and home requirements and provide viable alternatives and service alternatives to them. It intends to provide clients with more sustainable energy alternatives, which may even aid in the eradication of poverty in rural regions.
• m.Paani: Akansha Hazari created this ethical enterprise in 2014. It is a marketing and data analytics firm that provides a platform for small merchants to increase sales. This is accomplished through a mobile-based loyalty program that aims to deliver critical resources to local shops. It also provides merchants with vital information and analytics that may help them run their businesses more effectively.

6) Lifestyle startup:

Lifestyle companies are developed out of a creator’s passion and determination for autonomy, with the founder devoting their time and attention to turning their favourite pastime or activity into a profitable business. This can range from a frequent traveller creating a tour guide company to a web engineer beginning a freelance coding firm.

• Zivame: Zivame is a firm that represents what a lifestyle startup is. The firm has succeeded in bringing the founder’s passion for inexpensive and high-quality underwear to India. It also sparked many discussions regarding lingerie, which was formerly considered a taboo subject in India.

So that brings us to the end of our list of the many sorts of startups in India. Now that you have a better knowledge of the various categories, you can start working on converting your startup concept into a million-dollar firm.